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Illumina soars after second-quarter results beat the Street

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Shares of biotech company Illumina spiked 8 percent Wednesday after the company handily beat Wall Street estimates a day earlier.

The stock was the second-biggest gainer in the S&P 500, and added the most gains to the S&P health care sector. Shares of the genetic sequencing company traded near $162.03, still lower than their 52-week high of $220.86.

The San Diego-based company earned 86 cents per share in the second quarter, up from 80 cents in the same period last year. Revenue came in at $600 million, up 11 percent year over year, the company said.

Analysts polled by Thomson Reuters had expected earnings of 73 cents per share and sales of $593.21 million.

Guidance was soft for the third quarter though, and Illumina said it expects revenue between $625 million and $630 million, below Thomson Reuters consensus expectations of $632 million.

"We delivered solid second quarter financial results with notable strength across our sequencing consumable and array portfolios," Francis deSouza, president and CEO of Illumina said in a statement. "We will continue to focus on our execution to deliver the sequential growth we are forecasting in the second half of the year."

Research and development expenses jumped to $124.6 million from $96.2 million the year before.

Shares of Illumina are down more than 15 percent year to date, and 25 percent year over year.